The Automobile Club of Southern California’s affiliated insurance company announced it is reducing auto insurance rates by an average 7 percent starting Dec. 1 for new and renewing policyholders. The company also is implementing new Department of Insurance regulations that require insurers to place more importance on a person’s driving safety record, miles driven and driving experience than any other rating factors.
The company predicts the rate reduction, approved by California’s commissioner in September, will save nearly 1 million policyholders a total of $133 million, or an average of $134 per policy. The rate reduction was due to a reduction in the number of bodily injury, property damage and collision claims, the company indicated.
Was this article valuable?
Here are more articles you may enjoy.
Camp Mystic Seeks Bankruptcy to Settle Texas Flood Wrongful Death Claims 
US Cyber Insurance Market Sees Flat Premium, More Third-Party Claims Hit Loss Ratio 
Intersecting Risks and the Future of Construction Insurance 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
